Bitcoin Cash (BCH) is a popular fork of Bitcoin (BTC) created on August 1, 2017. While BCH is like its parent currency in many ways, few technical aspects make them very varied. Just like BTC, BCH is peer-to-peer crypto, which means it can be directly sent to anyone and anywhere in the world. Further, this can be done without the need for a third-party intermediary. For those who want to buy Bitcoin Cash in India, there are two major differences between Bitcoin and Bitcoin Cash, that you should know:
- Bitcoin Cash boasts a larger block size, which results in faster transfers and
- Lower transaction fees compared to Bitcoin
Due to these differences, several people think of BCH as some sort of digital cash, while the good-old BTC is typically linked with the term ‘digital gold’.
Now, suppose you are wondering why the cryptocurrencies had to be split. In that case, it is because Bitcoin Cash emerged out of the concept of making Bitcoin a more practical cryptocurrency for day-to-day transactions.
Bitcoin Cash Price Analysis
When establishing BCH price forecasts for 2021, it’s worth looking at how it has performed over the past year. BCH has practically come full circle – after hitting highs of $455 in February 2020, Bitcoin Cash cooled dramatically and spent many months trading in the mid-$200s. The currency did benefit from the craze that gripped the crypto markets over the New Year and briefly spiked at $629.80 before coming down to the mid-$400s.
It’s essential to note that BCH bore quite a lot of tension as 2020 drew to a close, caused by a fractious hard fork. This came after a group of developers called for a network update that would result in eight percent of newly mined BCH being set aside. A rival group in the community who referred to themselves as ‘Bitcoin Cash Node’ opted to remove this line from their source code – creating two versions of the network. Thus, leading to chaos and drama for Bitcoin Cash.
How Much Is Bitcoin Cash Worth In 2021
- LongForecast.com’s Bitcoin Cash price prediction indicates that there’s only some limited upside to BCH in the year ahead. The website anticipates that we could see 2021 highs of $579 per coin at May’s close – with an intra-month high of about $620. This latter figure would represent a surge of about 36.2 percent from current levels. Prices are then expected to cool – ending the year at $444, down about 2.41 percent.
- Prime XBT forecasts BCH will reach approximately $1,100 by the year 2025.
- Digital Coin Price is more optimistic, predicting that BCH could surpass the $2,500 mark by 2025.
- Wallet Investor is not so confident about its prospects, indicating that the price of BCH will remain relatively static and will be around $540 in the year 2025.
What Affects Bitcoin Cash (BCH) Price
- One unknown quantity could affect Bitcoin Cash’s value going forwards: how extensively the PayPal community uses this cryptocurrency. Given how this fintech giant has more than 300 million users, support for BCH is a significant milestone. With a lower price tag than Bitcoin and Ethereum offer and more of an emphasis on mainstream payments than these two major cryptocurrencies, BCH could have an opportunity to secure market share from consumers who aren’t interested in holding digital assets for speculative purposes.
- The success of crypto is highly reliant on BTC, and BCH is no exception. Indeed, it has been known as an altcoin with one of the strongest price correlations with BTC. So, historically if BTC has gone on a bull run, BCH is likely to follow the course, and if BTC becomes bearish, then BCH will also probably do the same. Despite having BCH ostensibly been an upgrade on BTC, it will most likely always be in its shadow. The fact of the matter is that it isn’t BTC, and every cryptocurrency will probably be in its shadow just because of this simple fact. Essentially, BTC is so popular because it’s the first and most well-known cryptocurrency.
- The factional divides within the BCH community haven’t helped its cause either. However, as an actual cryptocurrency to spend, its shorter transaction times and more significant block sizes undoubtedly make it better than BTC. So, as adoption becomes more widespread and more people hopefully begin to use cryptocurrency for payments rather than see it as a store of value, then this could bode well for its prospects. Therefore, we are quite bullish on BCH as a long-term investment.
The Bottom Line
Like every other cryptocurrency, investing in Bitcoin Cash has its benefits and risks, so it’s recommended to arm yourself with as much knowledge as you can before buying or selling. And whenever you feel like you’re ready to make a long-term investment commitment, feel free to give it a try. As you can see above, the BCH price prediction is quite positive.
However, if you doubt if it is safe to invest in BCH or how to buy Bitcoin Cash in India, then as a thumb rule, if a coin is listed on major exchanges like WazirX, it’s probably safe. You can buy, sell or exchange cryptocurrencies safely here.
The price prediction is based on data collected from various sources. This is not an investment advice. Crypto investing is high risk activity and User should do their own research including obtaining appropriate professional advice before taking any investment decision.